The brokerage arm of Singapore's DBS Bank, DBS Vickers (DBSV) has received approval from the financial regulator to offer cryptocurrency services to asset managers and companies.

DBSV officially announced that it received in-principle approval from the Monetary Authority of Singapore (MAS) under the country's Payment Services Ac to offer digital payment services as a payment institution.

In 2019, Singapore passed its Payment Services Act, which requires all digital payment service providers to receive licenses to operate.

Once DBSV receives its license, it will be able to directly support managers and companies through its DBS Digital Exchange (DDex), where they will access its digital payment token services.

DBSV is one of the first few among financial institutions to receive such approval from MAS. The institution said it is working through the necessary steps to meet MAS's requirements.